The Waikato Times AND THAMES VALLEY GAZETTE. TUESDAY, NOV. 15, 1887.

Waikato Times, Volume XXIX, Issue 2395, 15 November 1887, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE .

TUESDAY, NOV. 15, 1887.

Equal and exact justice to all men, Ot whatsoever state or persuasion, religious or political.

It appears that the loan proposals of the Government are displeasing to many of their supporters, especially some ot the Southern members. It will, therefore, not be surprising to find strong opposition ottered to Major Atkinson’s financial proposals when they come before the House in a definite shape. There is no desire to embarrass Ministers, for their general policy is approved of; but several Ministerialists are of the opinion that no immediate necessity exists for the raising of another million for the North Island Trunk lino. We have already expressed the opinion that the circumstances of the colony will not justify further borrowing for any purposes whatever, and that so far as this railway is concerned, it will be wisest to, at once, stop any further expenditure upon it, and not commit the country to additional losses and further burdens. Moreover, in view of blic serious depreciation of New Zealand securities on tiie London Exchange, and tlie exceedingly bad repute that at present attaches there, to the colony’s financial status, it seems to us that it would he courting disaster to appear at such a time as an applicant for another loan. There is an almost absolute certainty that the attempt would meet with the same failure as Russia or the bankrupt republics of Central America encounter in their efforts to float loans on the English or European money markets. There is a probability that influence will be brought to bear on the Government to induce them to consent to the system of land grants, in order to promote settlement along tiie lino, and at the same time assist in its construction. There is, however, a feeling that another loan must bo raised to make up the present deficiency and save the credit of the colony ; and that this loan shall bo limited to half a million. This proposal is also objectionable. The very fact of appearing on the London money market for such a small loan as is •suggested to be devoted for such a purpose would lie sullicieut to damn it in the eyes of investors, and more lasting injury would bo inflicted on the colony's credit than if we attempt to borrow money for legitimate reproductive public, works. Such a method of kite-flying, running deeper into debt in order to meet pressing liabilities, inevitably lands individuals or traders in the Bankruptcy Court ; the same scheme of “staving oil"’ will have a similar effect on the, country. The deficiency of the late Government was met by the issue of short-dated debentures and deficiency bills within the colony. It is better that tin’s increase to the, colony's indebtedness be allowed to remain as a iloating debt and owing to the Trust funds whence the money was ad-J vauccd on those securities, than that we should appeal - before the Stock Exchange in the tly-hlown " character that is proposed. .It is desirable, at all hazards, to abstain from raising any further loans, and that nothing shall be done to augment the present huge interest which is already such a terrible drain on the resources of this young country,

I 1 'I;11M :i I I'logi'iini in mnitlicr rolmiin il will Im' sci •!i tlul tin' natives inI 111- Tuliua ilistl'irl, Ivin" in the in 11 *rini 1 nl die Kin" I'liuiilTv, have |ns>1 1 i 1 nt< -i 1 quid |i|'OS|M'ctin" in that Inealilv. anil threaten to “cut down line [lies any nrospeetnrs who att"ill;it In search the euiinlrv there t’nr the [ireei'Uis metal, The two ])i<is|i'vtn|-s turned hack were provided with a [mss t'roin W’ahanui, the ere U Xe.it inmnapoto chiiT, which they no douht iniai'inefi was Hlli i • ie; 11 to satisfy till Other inlialctine Tnlnia. So far as the p is.s i I .self was concerned it would not have the value in the eyes of the natives that niiydit be supposed, as, since th" lands of the K i it; Comitry have been placed in the Native J.amls Court for investiyalion of titles of ownership, the minds of the natives have, become unsettled on the i|Uc;lion of individual rights, and Wuhamu’s ni.".n" docs not exercise the iiilluoiicc it formerly did. The (picstion, however, to consider is whether the natives should be permitted to prevent prospecting, and thereby interfere with the development of the country's resources. In our opinion native lands should be on exactly tlie same footing ns Crown lands as regards prospecting for mineral deposits. The Government, and they only, should grant licenses to prospect over native lands, and die right to do so could bo established hy Order in Council. We believe if this was done the natives would not only respect the course taken by the (loverumeut, but would also avail themselves of the facility to prospect on their own account, for they are not slow to perceive that the discovery of payable reefs or goldfields would he as much to their own advantage as to the European.